Chongqing- The State Council, China's cabinet, has recently approved the establishment of the Chongqing Yongchuan Comprehensive Bonded Zone, which serves as the 6th in Chongqing and the 152rd in China according to the Chongqing Customs.

A comprehensive bonded zone is an important platform for the construction of an open economy. It plays a significant role in developing foreign trade, attracting foreign investment, promoting industrial transformation and upgrading, and coordinating domestic and overseas markets as well as resources.

According to related policies, the zone is entitled to develop international re-export trade, testing and after-sales service maintenance, commodity display, research and development, processing manufacturing, and other businesses.  

Supported by Yongchuan port, highway network, Chengdu-Chongqing and Chongqing-Kunming railroad integrated hub and the Western Aviation Industrial Park, the completion of Yongchuan Comprehensive Bonded Zone will achieve multi-modal transportation by rail, road, water, and air, giving full play to bonded processing, bonded logistics, cross-border e-commerce, service trade, and other functions.

Meanwhile, Yongchuan Comprehensive Bonded Zone is expected to develop high-end Computer Numerical Control (CNC) machine tool processing manufacturing industries for domestic and international markets, contributing to constructing the zone featuring full functions, brand radiation, and strong driving force.

According to the Chongqing Customs, through the setup of a comprehensive bonded zone, Yongchuan will grasp its geographical advantages and modernized industrial system to improve the opening-up service platform of the district and surrounding areas.

At the same time, it can make up for the shortboard of opening-up in the western Chongqing region of Chengdu-Chongqing economic circle.  

Furthermore, the zone will accelerate the opening-up of the inland regions of western Chongqing and eastern Sichuan Province, a main part of the Chengdu-Chongqing economic circle, to drive the main districts to undertake international and domestic industrial transfer.

Additionally, it is possible to realize the orderly and free flow and optimize resource allocation through the zone, facilitating higher-quality development of Chongqing’s economy.

(Du Min, as an intern, also contributed to this report.)